GS III: Indian Economy and issues relating to planning, mobilisation of resources, growth, development and employment.
When being clever is not enough.
Allocation of resources does not determine economic fate.
- Experts say many countries lagging behind in prosperity and technological advancement are mostly lacking entrepreneurial spirit.
- However economist William J. Baumol in his paper ‘Entrepreneurship: Productive,Unproductive and Destructive’ argued that just because a country maybe advanced does not mean it will lead to prosperity.